Ah, the holy tax refund we all look forward to year after year: We’re at THAT time of year when you check your bank account like it’s the lottery, only this time you did buy the winning ticket, and it was sold by the Internal Revenue Service (IRS). If you’re here biting your nails wondering “where’s my money?”, don’t worry. I’m going to tell you everything you need to know to track that little money like a pro, without finishing your eyelashes from so much stress.
And You already filed your taxes (good for you, responsible adult), now you have to wait. But waiting without knowing when or how is like watching a series in slow motion. According to the IRS, the average refund is around $1,928 this year. That’s almost two thousand reasons to keep an eye on it! So yes, knowing how the process works saves you from refreshing your bank account 50 times a day.
The ABCs so that your IRS tax refund arrives quickly (and without delays)
Let’s cut to the chase: e-filing + direct deposit = winning combo. The IRS says it clearly: if you want to see that money before your hair falls out, forget about paper and checks by mail. With direct deposit, money drops straight into your account like a well-trained skydiver. How to do it? Easy:
- When using your tax software, choose the direct deposit option.
- Enter your account and routing number (yes, the one you have written down in the mystery drawer).
- If you use an accountant, yell (or tell them nicely) that you want that option.
And be careful: the IRS doesn’t lie. With this method, you prevent your check from getting lost in mail limbo or a mailbox thief from feasting on your luck. Bonuses? Three weeks or less to see the money. If you use paper… well, better bring a book to entertain you during those six to eight weeks of waiting.
“Where’s My Refund?”: Your new best friend, and it’s free
Did you know that the IRS has a tool that tells you where your money is as if it were an Uber Eats for refunds? It’s called “Where’s My Refund,” and it’s easier to use than TikTok. You only need three things:
- Your Social Security number or ITIN (no, it’s not to hack you).
- Your marital status (single, married… the usual).
- The exact amount you expect (take out the calculator if necessary).
When to review? Depends:
- This year’s electronic return: 24 hours later.
- Electronic declaration of past years: 3-4 days.
- Paper declaration: Four weeks (and a rosary of patience).
The tool updates every morning, so don’t go crazy updating every five minutes. Check once a day and that’s it.
Why is it delayed? Reasons why the IRS is slow to send money
Sometimes the IRS gets slower than rush hour traffic. Reasons? These are the most common:
- Errors in the declaration: A misspelled number, an incomplete form… even the comma counts.
- Identity problems: If someone stole your identity to file taxes (yes, it happens), prepare for a CSI-type investigation.
- Complicated tax credits: The Child Credit, the Recovery Credit, or Form 8379 (aka “the tax puzzle”) tend to hinder the process.
- The bank takes its time: Even though the IRS sent the money, sometimes banks go into “turtle mode.”
What to do if it gets stuck? If four weeks have passed and no signs, call 1-800-829-4477 (the IRS TeleTax System). Have your return handy and be prepared to wait in line… or use the time to practice yoga breathing.